Caverton Reports 74% Drop In Net Profit In H1

Caverton Offshore Support Group Plc, has reported 73.97 per cent drop in its net profit in the first six months of the year, 2022.

The provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, made this known in its unaudited results for the period ended June 30, 2022 released on the Nigerian Exchange (NGX).

Profit after tax in H1, 2022 declined to N203 million from N780 million recorded in H1, 2021, while earnings per share fell to six kobo from 23 kobo as at June, 2021.

Revenue for the period under review stood at N13.96 billion lower than N18.07 billion in 2021, while gross profit declined from N6.37 billion in 2021 to N3.51 billion in 2022.

Speaking on the results, chief executive officer, Caverton, Bode Makanjuola, said  the company faced tremendous financial and operational head winds in the first half of the year which necessitated the need for the management and the board of Caverton to urgently review the company’s management structure and business portfolio as a group.

According to Makanjuola, we recently announced the appointment of a new managing director for Caverton Helicopters, restructured Caverton Offshore Support Group’s executive management and diversified our aviation business from oil and gas aviation logistics to third party training and maintenance, via our recently commissioned Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos.

“These announcements have been well received by the wider aviation and oil and gas industry and we are confident this strategy would yield positive financial fortunes for the Group whilst addressing this infrastructure gap in the aviation sector of Nigeria and sub-Saharan Africa.

“Our marine subsidiary, Caverton Marine has also been repositioned for growth with our foray into local manufacturing of GRP boats. We recently launched our prototype 40-seater GRP ferry at the recently concluded NOG 2022 conference in Abuja, Nigeria and reception has been very positive. The ferry protype was locally built to the highest safety and quality standards under guidance of government and safety agencies and has applications in both oil and gas and commercial mass transit ferry transportation,” he pointed out.